Economy

Markets

Industries

Insights

Reports

Events

Lhasa violence cuts Q1 Tibet economic growth

(Xinhua)
Updated: 2008-05-08 09:37

The mid-March Lhasa violence and its aftermath reduced Tibet's economic growth by 6.6 percentage points in the first quarter, said Qiangba Puncog, chairman of Tibet's regional government.

Tibet recorded 7.6 billion yuan ($1.12 billion) of gross domestic product in the first quarter, up 10.4 percent year-on-year, the official told Tuesday's teleconference on Tibet's economic performance.

In the first quarter of 2007, Tibet's economy grew 17 percent year-on-year, the highest rate in a decade.

"Although the overall economy maintained steady growth this year, we should take measures to cushion the impact of the Lhasa violence on the economy and strive to meet this year's growth target of 12 percent," he said.

These steps would include policies to encourage investment and expand consumption, he said. "More importantly, we need to restore economic and social order in the shortest time possible and create a sound environment for investment and consumption."

The riot, which was believed to have been organized, premeditated and masterminded by the backers of the Dalai Lama, erupted in downtown Lhasa on March 14, leaving seven schools, five hospitals and 120 homes torched and 908 shops looted. Total damage was more than 244 million yuan.